An auditor's engagement letter most likely would include a statement that:
a. Lists potential significant deficiencies discovered during the prior years audit
b. Explains the analytical procedures that the auditor expects to apply
c. Describes the auditors responsibility to evaluate going concern issues
d. Limits the auditors responsibility to detect errors and fraud
Ans: d. Limits the auditors responsibility to detect errors and fraud
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Trainor Logistics provides the following information
Operating income $1,500,000 Net sales $13,500,000 Average total assets $2,000,000 Management's target rate of return 25% What is the company's return on investment? (Round your answer to two decimal places.) A) 11.11% B) 14.81% C) 75.00% D) 25.00%
In manual procedures, the segregation of duties ________
A) reduces risk B) increases risk by creating blind spots C) increases risk by reducing accountability D) can only be done safely through information technology